TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK


TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

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Rate last updated: 02/01/2014 11:15:04 AM

Important Business News Extracts -August 24, 2017

Bank heist report not yet, Muhith reaffirms

Finance Minister AMA Muhith reiterated that the probe report on the heist in Bangladesh Bank’s account with the US Federal Reserve Bank wouldn’t be published yet, but expressed the hope that the entire sum would be recovered. But it’ll take time, he said Wednesday about the recovery process on stream through litigation in the Philippines, where most of the reserves reportedly stolen by a trans-national gang of hackers landed. “A portion of the heisted money was recovered already. We will get it (the rest amount), but it will take time,” the finance minister told newsmen. Talking to them after a meeting of the cabinet committee on public procurement at Bangladesh Secretariat, he also said a long process has to be followed to get back the money. Case is under trial there and a judicial permission is necessary in this regard. “But, my assumption is all of it will be recovered,” the minister said in reply to a query. Mr Muhith, however, reaffirmed that the held-back probe report on the heist would not be made public now.

Source: http://print.thefinancialexpress-bd.com/2017/08/24/181467

Banks donate Tk 85cr for the flood-hit

Private banks yesterday donated Tk 85 crore to the Prime Minister’s Relief Fund for rehabilitation of flood-hit people as part of their corporate social responsibility activities. “Banks always stand by the flood-affected people and the victims of other natural disasters. We do it willingly,” said Nazrul Islam Majumder, chairman of the Bangladesh Association of Banks, a forum of the directors of the 39 private banks in the country. Prime Minister Sheikh Hasina received the funds from the chairmen of the banks at a programme organised by the BAB at the Prime Minister’s Office in the capital. The government has the best network and instruments to distribute the relief funds, which is why the banks handed over the donations to the prime minister’s fund, Majumder said.

Source: http://www.thedailystar.net/business/banking/banks-donate-tk-85cr-the-flood-hit-1453279

Bangladesh keen to sign FTA with Turkey: Tofail

Bangladesh is keen to sign free trade agreement (FTA) with Turkey to boost bilateral trade, Commerce Minister Tofail Ahmed said yesterday. He spoke at the “Turkey-Bangladesh Business Forum and B2B Meeting” in the capital jointly organised by Turkish Exporters’ Assembly (TIM) and the Federation of Bangladesh Chambers of Commerce and Industry.
Bangladeshi products do not get duty- and quota-free access to the Turkish market as the country is not in European Union, he said. Bangladesh’s export to the Turkey will get a boost if the FTA is signed, he said. He said Bangladeshi products have a good demand in the Turkish market. In 2016-17, Bangladesh exported goods worth $631 million to the Turkey against the import of $212.30 million. The TIM and FBCCI inked a memorandum of understanding to strengthen trade and investment on the occasion. FBCCI’s First Vice President Sheikh Fazle Fahim and Turkish Exporters’ Assembly member of sector council Basaran Bayrak signed the deal.


Export: Bangladesh yet to fully tap Asian markets

Lack of necessary preferential trade agreements and quality products are barring Bangladesh from exploring further. Bangladeshi exports to Asian countries are still low due to absence of proper preferential trade agreements and quality products, even though there are huge trade opportunities in the region. Exporters and trade analysts say that removing non-tariff barriers, signing trade-friendly bilateral agreements and proper usage of preferential trade deals can boost Bangladesh’s exports to the region. They also said that high dependency on developed countries in North America and Europe could risk export earnings. According to Export Promotion Bureau (EPB) data, Bangladesh’s exports to Asian countries were worth $4.16bn in FY2016-17, which is 12% of total exports. At the same time, European Union (EU) imported 55.83% ($19.35bn) of Bangladesh’s total exports and the United States 21.19% ($7.34bn).

Source: http://www.dhakatribune.com/business/commerce/2017/08/23/export-bangladesh-tap-asian-markets/

Govt-run banks hiring 1,663 executives

The government-run banks are appointing 1,663 officials to vacant positions. Sonali Bank will appoint 527 officials, Janata Bank 161, Rupali Bank 283, Bangladesh Development Bank 39, Bangladesh Krishi Bank, 351, and Rajshahi Krishi Unnayan Bank 231 officials, according to a Bangladesh Bank notice published on Wednesday. Besides these banks, Bangladesh House Building Finance Corporation will appoint one and Investment Corporation of Bangladesh 70 officials. The online application process on Bangladesh Bank’s website started on Wednesday and will continue until Sept 17.


Dhaka Bank credit cardholders to get 0% EMI facilities from Daraz

Dhaka Bank has recently signed an agreement with Daraz Bangladesh, one of largest e-commerce platforms in Bangladesh, under which the bank’s credit cardholders can enjoy 0% EMI offer. With their credit card, shoppers will be able to choose 3 to 12 monthly instalments with absolutely 0% interest while purchasing any product worth of more than Tk10,000. HM Mostafizur Rahaman, SVP & Head of Cards, of Dhaka Bank Ltd. and Mostahidal Haq Managing Director, of Daraz Bangladesh signed the deal from the respective side.

Source: http://www.dhakatribune.com/business/commerce/2017/08/23/dhaka-bank-emi-daraz/

Annual Development Programme (ADP) spending only at 0.58% in July

Progress in implementation of the annual development programme remained on the lower track in the first month of the current fiscal year as 21 ministries and divisions could not spend a single penny in the month, according to the data of the Implementation Monitoring and Evaluation Division of the planning ministry. The government’s 54 ministries and divisions responsible for implementation of the country’s development budget could spend only 0.58% or BDT 9.5 billion in July of the total allocation worth BDT 1,640.85 billion for the entire fiscal year, the IMED data showed. They had spent 0.56% or BDT 6.9 billion in the same month of the last fiscal year. The agency had spent 1-2% in the previous three fiscal years, according to the IMED data. Officials said that the ministries and divisions usually remained indifferent in execution of development works due to various reasons including lack of preparation and delay in appointment of project directors and acquisition of land.

Source: http://www.newagebd.net/article/22637/adp-spending-only-at-058pc-in-july

Bangladesh to import 250,000 tonnes rice from Cambodia

Bangladesh will import 250,000 tonnes of white rice at $453.00 a tonne from Cambodia in a government-to-government deal, two food ministry officials said Wednesday, reports Reuters. The price is more expensive than a previous deal. Bangladesh produces around 34 million tonnes of rice annually but uses almost all its production to feed its population, and often requires imports to cope with shortages caused by floods or droughts. The government is building buffer stocks to combat high domestic prices after flash floods in April wiped away around 1.0 million tonnes of rice output, with ongoing floods, more severe, set to destroy more. “The proposal to import rice from Cambodia is currently awaiting approval,” one of the officials said.


Spice prices spiral 110pc as Eid nears

With the sacrificial festival Eid-ul-Azha approaching, prices of most spices have spiralled in the last few weeks despite adequate supply. Traders have attributed the hike to increased import price, heavy rain and bad roads, but observers said prices of spices soared due to market domination by big traders and importers. The prices of spices, used in meat recipe, went up by 10 to 110 per cent in a month, of which onion and chilli witnessed the highest spike, according to traders. Onion witnessed 84-100 per cent, garlic 15 per cent, ginger 20 per cent, green chilli 110, grinded chilli 15 per cent, coriander seed 16 per cent, garam masala like cumin seed by 10 per cent, cardamom 10 per cent, cinnamon 10 per cent, and clove by 12 per cent at retail markets in a month, according to Trading Corporation of Bangladesh (TCB) and Department of Agricultural Marketing (DAM).

Source: http://print.thefinancialexpress-bd.com/2017/08/24/181457

Oil import to rise by one-third

The country’s oil import volume as well as payment in this regard is set to surge by one-third from the existing level, said officials. It will happen, as the government has approved awarding of some new diesel and furnace oil-fired power plants with the total capacity of 2,555 megawatts (MW) over the next two years, they added. A senior official of Bangladesh Petroleum Corporation (BPC) said the oil import is expected to increase from March 2018, as some 1,768-MW diesel and furnace oil-fired power plants are expected to come online by then. He assumed that some 650,000 tonnes of diesel and 750,000 tonnes of furnace oil will be required to import for operating the new power plants, of which 800-MW would be of diesel-fired and 968-MW would be of furnace oil-fired.

Source: http://print.thefinancialexpress-bd.com/2017/08/24/181475

Asian Development Bank (ADB) to invest BDT 27.40 billion for revival of ailing Bangladesh Railways

The Asian Development Bank (ADB) will invest a big sum of money to give a new lease of life to Bangladesh Railway through adding more locomotives, wagons and other equipment. Officials said Tuesday the Manila-based lender is expected to provide BDT 27.40 billion for upgrading the struggling rail operator to meet a surging demand for the popular mode of mass transport. Under a BDT 36.46 billion umbrella project titled ‘Upgrading Bangladesh Railway’s rolling stock operation’, the ADB will provide the funds to the state-owned rail-service provider. The BR reels from a shortage of locomotives (engines), vans and wagons, which makes it lag far behind the requirement for smart operation and passenger services across the country. The government over the last six to seven years has invested huge funds in improving its railway services, which is still a far cry, the sources said.

Source: http://print.thefinancialexpress-bd.com/2017/08/24/181474

Midland signs deal with Rolls-Royce to set up 150MW plant

Midland Power, a local joint venture, yesterday signed an agreement with Rolls-Royce Bergen Engines AS to set up a plant at Ashuganj in Brahmanbaria that will generate 150 megawatt of electricity. The UK-based Rolls-Royce will supply machinery and offer technical support to Midland to set up the BDT 8.0 billion plant scheduled to go into operations by March next year. David Hasanat, chairman of Midland Power, and Jeff Elliott, managing director of Rolls-Royce Bergen Engines, signed the deal in Dhaka for the furnace oil-based power plant. Midland is a joint venture of Viyellatex Group and Shahjibazar Power, a sister concern of Youth Group. It is an independent power producer and has been supplying 51MW to the national grid since 2013.

Source: http://www.thedailystar.net/business/midland-signs-deal-rolls-royce-set-150mw-plant-1453225

Move to ascertain reasons for hiring foreigners in RMG sector

A coordinated move is ripe to ascertain reasons for hiring foreigners and their areas of work in Bangladesh’s apparel sector and prepare their local replacements to plug foreign-exchange outflows. Sources said the foreign-aided agenda for manpower transformation in the country’s main export industry follows reports that minimum US$5.0 billion in total flows out of the country annually in addition to job losses for the locals. The Centre of Excellence for Bangladesh Apparel Industry (CEBAI) is conducting a research titled ‘Employment of Expatriates and its Alternatives in the RMG Sector of Bangladesh’ under this move, they added.

Source: http://print.thefinancialexpress-bd.com/2017/08/24/181465

Taiwan shows interest to produce plastic raw materials in BD

Taiwan has shown interest in investing in the country’s plastic sector especially in producing raw materials required for the industry. A visiting high-level Taiwanese delegation expressed the interest in a meeting with the leaders of Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) at its headquarters in the city Wednesday. Headed by Taiwan External Trade Development Council chairman James CF Huang, the delegation is in Dhaka to explore the investment opportunities and relocation of their industries in the country, according to a statement. Bangladesh’s economy is growing faster in Asia and the country is a lucrative place for investment, BPGMEA president Md Jashim Uddin told the delegation. Some 5,000 plastic factories across the country were producing a wide range of plastic products like PVC pipe, hangers, household items, toys, poly bags, furniture, woven sack bags and packaging items, he added. The industry with an annual average growth rate of more than 20 per cent has created an employment for about 1.2 million, he said, explaining the opportunities to invest in the sector.

Source: http://www.thefinancialexpress-bd.com/2017/08/23/80568/Taiwan-shows-interest-to-produce-plastic-raw-materials-in-BD

Local and Global Stock Indices

Index NameClose ValueValue ChangePercentage Change
Nikkei 22519,408.80↓25.84↓0.13%

World Commodities

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$ 48.36↓0.05↓0.10%
Crude Oil (Brent)*$ 52.24↓0.03↓0.06%
Gold Spot*$ 1,288.33↓2.63↓0.20%

Major Currencies Exchange Rates Movement in Last Seven Days

Exchange Rates
USD 1BDT 80.85*
GBP 1BDT 103.40*
EUR 1BDT 95.42*
INR 1BDT 1.26*





Dear Valued Patrons,

At the very onset, let me express my heartiest gratitude for allowing us to serve you and I also wanted to reach out to you directly with an assurance that Dhaka Bank is fully equipped to support you during this difficult time.

Last couple of weeks ago we all were living in a peaceful condition, performing our daily tasks freely and perfectly. Entire economy and business environment was also in a good shape, until COVID-19 put a forceful stoppage to the overall life style and economy of the world. We all know that social distancing and cleanliness are the keys to prevent this pandemic. Hence, we urge your conscious effort to limiting public interaction and suspending wherever possible.

In this current situation, Dhaka Bank and its employees are beside you where we are fully online, either working from home or at our offices under a robust Business Continuity Plan (BCP) to serve you with limited branch banking and a full-fledged alternate delivery channel services.

Our state of the art Mobile App, Dhaka Bank GO (Click https://bit.ly/2WVfieu) and Internet Banking - Dhaka Bank Direct gives you the freedom of banking online anytime from anywhere. You can check the balance and transfer money to any designated Banks including any Dhaka Bank or bKash Account, make utility bill payments and mobile top-up through our Mobile App and Internet Banking Services. Our ATMs are also running efficiently with availability of sufficient cash for your convenience where you can make cash withdrawals whenever the need arises. Mentionable, the withdrawal of cash from any ATMs within Bangladesh with Dhaka Bank Debit Cards are absolutely free of charges up till April 30, 2020 (Dhaka Bank will bear the cost). Our corporate customers can also use our completely safe and secured online platform Dhaka Bank C-Solution for Payments, Inter Bank Fund Transfers, etc.

Moreover, to fulfill your urgent requirement, we have a limited no. of branches up and running by ensuring all kinds of precautionary and safety measures for you.

In case of extreme emergency and facing difficulties in conducting banking transactions, please let us know through our 24/7 Contact Center number 16474 (or, dial +8809678016474 for ISD/Overseas Calls). We are always with you to combat your difficulties.

As you know we are going through a critical phase and the situation is novel to all of us. We are getting lot of new information from various sources everyday about COVID-19 which will be shared at www.dhakabankltd.com.

Thank you for your trust and continued support to us. I firmly believe that jointly we will be able to combat this situation and win against all the odds.

Please stay home, stay safe and take care of yourself and family.

Best regards,

Emranul Huq
Managing Director & CEO
Dhaka Bank Limited